Tag: Permanent Placements

65% of employers had to offer higher salaries in order to attract new employees

According to research from Morgan McKinley, the majority, or 77%, of businesses in Mainland China plan to hire new permanent or contract employees in the first half of the year.

The research revealed that 41% of employers think they will lose staff in the next six months as they seek to earn more by moving jobs, and 45% of employees in Mainland China are looking to move jobs in the same period.

Morgan McKinley’s research also showed that 65% of employers had to offer higher than anticipated salaries in order to attract new employees over the last 12 months. Furthermore, 59% of employers in China think that salaries in their specific sector will rise in 2023, with 41% planning on increasing base salaries across all teams.

Over half, or 53%, of employees in China are expecting their salaries to increase this year, with 75% also expecting some form of bonus payout.

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Hiring spike in May, latest data reveals

According to the latest statistics from the Association of Professional Staffing Companies (APSCo), jobs spiked again in May despite the ever-increasing skills shortages.

This data, together with the Organisation for Economic Co-operation and Development (OECD) suggesting that the economy will stagnate, has raised further concerns for the UK’s economic growth.

The data provided by Bullhorn showed that contractor jobs increased by 34% between May 2021 and May 2022. Permanent roles also showed an increase of 25%, year on year. Looking at month-on-month comparisons, job numbers for permanent roles increased by 16% between April and May 2022. Contract roles were up by 19% during the same period.

The data also showed a 44% increase in the number of permanent placements in May 2022, compared to the same month last year.

As resources continue to dwindle in the UK, the Office for National Statistics (ONS) has revealed that there are now more jobs than unemployed people.

Ann Swain, CEO of APSCo, commented: “The UK’s labour market is reaching breaking point and this latest data suggests hiring demand is unlikely to slow anytime soon, which is a concern given the latest OECD forecast. In recent months we’ve seen record breaking vacancy numbers reported by the ONS and the first ever instance where there are more jobs than people out of work. In a post-Brexit and Covid-hit economy, the strength of the labour market will be paramount to the UK’s ability to become and remain a global powerhouse. If this is to be achieved, the country’s policy makers need to implement an international approach and bolster global opportunities. This includes creating an attractive entry route into the country for highly skilled self-employed professionals and refocusing international trade deals on skills, the workforce and the mutual recognition of services and professional qualifications as well as tariffs and goods.”

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